Bloom Energy: Bloom Energy : First Quarter 2025 Q1 Earnings Release

Bloom Energy Reports First Quarter 2025 Financial Results Record Q1 revenue with 38.6% year over year growth Reaffirming 2025 revenue and margin guidance SAN JOSE, Calif., April 30, 2025 - Bloom Energy Corporation (NYSE: BE) reported today its financial results for the first quarter ended March 31, 2025. The company reported revenue of $326.0 million for the first quarter of 2025. First Quarter Highlights Revenue of $326.0 million in the first quarter of 2025, an increase of 38.6% compared to $235.3 million in the first quarter of 2024. Product and service revenue of $265.4 million in the first quarter of 2025, an increase of 26.5% compared to $209.8 million in the first quarter of 2024. Gross margin of 27.2% in the first quarter of 2025, an increase of 11.0 percentage points compared to 16.2% in the first quarter of 2024; Non-GAAP gross margin of 28.7% in the first quarter of 2025, an increase of 11.2 percentage points compared to 17.5% in the first quarter of 2024. Operating loss of $19.1 million in the first quarter of 2025, an improvement of $29.9 million compared to operating loss of $49.0 million in the first quarter of 2024; Non-GAAP operating profit of $13.2 million in the first quarter of 2025, an improvement of $43.9 million compared to a non-GAAP operating loss of $30.7 million in the first quarter of 2024. We reiterate our 2025 revenue and margin guidance. Bloom today also announced that CFO Dan Berenbaum will depart the Company effective May 1, 2025. Bloom has commenced a national search for a new permanent Chief Financial Officer, and in the interim, Maciej Kurzymski, Bloom's Chief Accounting Officer since 2021, will assume the role of Acting Principal Financial Officer. Mr. Berenbaum's departure is amicable and not the result of any disagreement with the company on any matter relating to the company's accounting or financial policies and practices. KR Sridhar, Founder, Chairman, and CEO of Bloom Energy said, "Building on our success in 2024, we delivered excellent results in the first quarter of 2025, thanks to the strong execution across the entire company, and the trust our customers place in us. We appreciate Dan's contributions over the past year and wish him all the best in his next chapter. Looking ahead, the world needs power, and we expect demand to grow, driven by AI, data center needs and industrial electrification, and Bloom is well- positioned to serve these markets." Dan Berenbaum, Chief Financial Officer of Bloom Energy added, "We delivered record Q1 revenue and continue to execute in a strong commercial environment. I am excited about the future opportunities for Bloom, have full confidence in the finance organization and wish all employees the utmost success." Summary of Key Financial Metrics Summary of GAAP Profit and Loss Statements ($000), except EPS data Q1'25 Q4'24 Q1'24 Revenue $ 326,021 $ 572,393 $ 235,298 Cost of Revenue 237,314 353,076 197,222 Gross Profit 88,707 219,317 38,076 Gross Margin 27.2 % 38.3 % 16.2 % Operating Expenses 107,777 114,611 87,093 Operating (Loss) Income (19,070) 104,706 (49,017) Operating Margin (5.8)% 18.3% (20.8)% Non-Operating Expenses (Income) 4,744 (89) 8,507 Net (Loss) Profit to Common Stockholders $ (23,814) $ 104,795 $ (57,524) GAAP EPS, Basic $ (0.10) $ 0.46 $ (0.25) GAAP EPS, Diluted $ (0.10) $ 0.38 $ (0.25) Summary of Non-GAAP Financial Information 1 ($000), except EPS data Q1'25 Q4'24 Q1'24 Revenue $ 326,021 $ 572,393 $ 235,298 Cost of Revenue 232,530 347,299 194,071 Gross Profit 93,492 225,094 41,226 Gross Margin 28.7% 39.3% 17.5% Operating Expenses 80,317 91,672 71,962 Operating Income (Loss) 13,175 133,422 (30,736) Operating Margin 4.0% 23.3% (13.1)% EBITDA $ 25,161 $ 147,316 $ (18,218) Non-GAAP EPS, Basic $ 0.03 $ 0.52 $ (0.17) Non-GAAP EPS, Diluted $ 0.03 $ 0.43 $ (0.17) A detailed reconciliation of GAAP to Non-GAAP financial measures is provided at the end of this press release Outlook Bloom reaffirms outlook for the full-year 2025: Revenue: $1.65B - $1.85B Non-GAAP Gross Margin:* ~29% Non-GAAP Operating Income:* $135M - $165M *See "Use of Non-GAAP Financial Measures" below for an explanation of Bloom is not able to provide guidance with respect to the corresponding GAAP measures. Conference Call Details Bloom will host a conference call today, April 30, 2025, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss its financial results. To participate in the live call, analysts and investors may call toll-free dial-in number: +1 (888) 596-4144 and toll-dial-in-number +1 (646) 968-2525. The conference ID is 5744085. A simultaneous live webcast will also be available under the Investor Relations section on our website at https://investor.bloomenergy.com/ . Following the webcast, an archived version will be available on Bloom's website for one year. A telephonic replay of the conference call will be available for one week following the call, by dialing +1 (800) 770-2030 or +1 (609) 800-9909 and entering passcode 5744085. Use of Non-GAAP Financial Measures This press release includes certain non-GAAP financial measures as defined by the rules and regulations of the Securities and Exchange Commission (SEC). These non-GAAP financial measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with U.S. GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. For example, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. Bloom urges you to review the reconciliations of its non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures set forth in this press release, and not to rely on any single financial measure to evaluate our business. With respect to Bloom's expectations regarding its 2025 outlook, Bloom is not able to provide a quantitative reconciliation of non-GAAP gross margin and non-GAAP operating income measures to the corresponding GAAP measures without unreasonable efforts due to the uncertainty regarding, and the potential variability of, reconciling items such as stock-based compensation expense. Material changes to reconciling items could have a significant effect on future GAAP results and, as such, we believe that any reconciliation provided would imply a degree of precision that could be confusing or misleading to investors. About Bloom Energy Bloom Energy empowers businesses and communities to responsibly take charge of their power needs. The company's leading solid oxide platform for distributed generation of electricity and hydrogen is changing the future of energy. Fortune 100 companies around the world turn to Bloom Energy as a trusted partner to deliver lower carbon electricity today and a net-zero future. For more information, visit https://www.BloomEnergy.com . Forward-Looking Statements This press release contains certain forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or our future financial or operating performance and are based on current expectations, estimates, and projections about our industry, management's beliefs, and certain assumptions made by management based on information currently available to management at the time they are made. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "will" and "would" or the negative of these words or similar terms or expressions that concern Bloom's expectations, strategy, priorities, plans or intentions. These forward-looking statements include, but are not limited to, Bloom's expectations regarding: commercial environment and Bloom's ability to execute; market demand for energy solutions, Bloom's opportunities and Bloom's capacity to meet such demand; and Bloom's 2025 outlook for revenue and profitability. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events, results, circumstances, outcomes and timing due to a variety of factors including, but not limited to: Bloom's limited operating history; the emerging nature of the distributed generation market and rapidly evolving market trends; the significant losses Bloom has incurred in the past; the significant upfront costs of Bloom's Energy Servers and Bloom's ability to secure financing for its products; Bloom's ability to drive cost reductions and to successfully mitigate against potential price increases; Bloom's ability to service its existing debt obligations; Bloom's ability to be successful in new markets; the ability of the Bloom Energy Server to operate on the fuel source a customer will want; the success of the strategic partnership with SK ecoplant in the United States and international markets; timing and development of an ecosystem for the hydrogen market, including in the South Korean market; continued incentives in the South Korean market; adapting to the new government bidding process in the South Korean market; the timing and pace of adoption of hydrogen for stationary power; the risk of manufacturing defects; the accuracy of Bloom's estimates regarding the useful life of its Energy Servers; delays in the development and introduction of new products or updates to existing products; Bloom's ability to secure partners in order to commercialize its electrolyzer and carbon capture products; supply constraints; the availability of rebates, tax credits and other tax benefits; impact of the Inflation Reduction Act of 2022, including expiration of the Investment Tax Credit with respect to fuel cells running on